I know you want NEW furniture for your NEW house....but PLEASE WAIT until after your docs have been filed at the courthouse. A shiny NEW car in your NEW driveway? A stellar idea AFTER your docs are filed at the courthouse. A NEW credit card would make it all more convenient, but DON'T DO IT!!!...until after your docs are files at the courthouse.
There are so many ways to muddy up the loan process. Here is an excellent post from Sheila Goulart Siegel with great reminders on how to keep things moving in the right direction.
There are things you should never do during escrow, whether refinancing your current home or purchasing a home. Once you are qualified for a home loan, ANY change in the financial snapshot that is your loan application can change your approval.
Below is the advice I include in an "important information" document in my new loan set up package for each and every client:
During the process
Many times the lender will ask that we re-verify credit, income, employment and asset information. This can even happen after you have signed your final loan papers. With this in mind, we ask that you comply with the following items. Please do not apply for or obtain any additional credit. This includes real estate loans, auto loans, credit cards, 401K loans, personal loans, etc.. Co-signing on someone else's loan is also a problem. This even includes inquiries to your credit. Do not quit your job or change jobs unless it is in the same line of work, you have no job gap and it is for equal or more money. Please let us know if you anticipate changes like this as well as we can help you plan for them. Do not spend money unless it is necessary to do so (for monthly living expenses for example). Do not furnish your new home during escrow or buy new appliances. Wait until you close escrow so that your purchases do not jeopardize your escrow in any way. Do not change bank accounts or transfer funds between accounts. In fact, save as much as you can. The bank likes to see increasing bank balances. Keep in mind that ANY changes can affect your loan application and approval and can change or jeopardize the terms of the loan and the loan processing as we have discussed. Please call us if you need to make any changes and we will discuss options with you, in terms of timing and how this will affect your terms, if it will. Please make sure you continue to make all payments on time and keep copies of your paycheck stubs, bank statements and any bills we will be paying off with the loan. Be sure to make payments on all items before the due date, even if they are being paid off with the loan. Please call us if you have any questions.